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Common use of Determination of Federal Funds Rate Clause in Contracts

Determination of Federal Funds Rate. If the Interest Rate Basis, as specified above, is, or is calculated by reference to the Federal Funds Rate, unless otherwise specified above, the "Federal Funds Rate" with respect to each Interest Reset Date will be determined by the Calculation Agent as of the first Business Day prior to such Interest Reset Date (a "Federal Funds Interest Determination Date") and shall be the rate on that date for United States dollar Federal Funds as published in H.15(519) under the heading "Federal Funds (Effective)," as displayed on Moneyline Telerate on page 120 or any other page as may replace the applicable page on that service ("Moneyline Telerate Page 120") or, if such rate does not appear on Moneyline Telerate Page 120, or is not so published by 3:00 p.m., New York City time, on the applicable Calculation Date, the rate on the applicable Federal Funds Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Determination Date as published in H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal Funds/Effective Rate." If such rate is not so published by 3:00 p.m., New York City time, on the applicable Calculation Date, the Federal Funds Rate will be calculated by the Calculation Agent and will be the arithmetic mean of the rates for the last transaction in overnight United States dollar Federal Funds arranged by three leading brokers of United States dollar Federal Funds transactions in The City of New York selected by the Calculation Agent before 9:00 a.m., New York City time, on the applicable Federal Funds Interest Determination Date; provided, however, that if the brokers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate will be the Federal Funds Rate in effect on the applicable Federal Funds Interest Determination Date.

Appears in 2 contracts

Samples: Medium Term Note Agreement (Textron Financial Corp), Medium Term Note Agreement (Textron Financial Corp)

Determination of Federal Funds Rate. If the Interest Rate Basis, as specified above, is, or is The interest rate payable with respect to this Security shall be calculated by the Calculation Agent with reference to the Federal Funds RateRate and the Spread or Spread Multiplier, unless otherwise if any, specified above, on the face hereof. "Federal Funds Rate" means, with respect to each Interest Reset Date will be determined by the Calculation Agent as of the first Business Day prior to such Interest Reset Date (a "Federal Funds Interest Determination Date") and shall be , the rate on that such date for United States dollar Federal Funds as published in H.15(519) under the heading "Federal Funds (Effective)," as displayed on Moneyline Telerate on page 120 ", or any other page as may replace successor publication or heading. In the applicable page on event that service ("Moneyline Telerate Page 120") or, if such rate does not appear on Moneyline Telerate Page 120, or is not so published by prior to 3:00 p.m.P.M., New York City time, on the applicable Calculation Date pertaining to such Interest Determination Date, then the Federal Funds Rate will be the rate on the applicable Federal Funds such Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Determination Date federal funds as published in H.15 Daily UpdateUpdate under the heading "Federal Funds (Effective)", or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal Funds/Effective Rate." any successor publication or heading. If such rate is not so published by 3:00 p.m.P.M., New York City time, on the applicable such Calculation DateDate such rate is not yet published in either H.15(519) or H.15 Daily Update (or in any successor publications), the Federal Funds Rate will for that Interest Determination Date shall be the arithmetic mean, as calculated by the Calculation Agent and will be the arithmetic mean on such Calculation Date, of the rates for the last transaction in overnight United States dollar Federal Funds arranged by three leading brokers of United States dollar Federal Funds transactions in The City of New York selected by the Calculation Agent before as of 9:00 a.m., New York City time, on the applicable such Federal Funds Rate Interest Determination Date; provided, -------- however, that if the fewer than three brokers selected as aforesaid by the ------- Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate will be the Federal Funds Rate in effect on the applicable Federal Funds such Interest Determination Date.

Appears in 2 contracts

Samples: Floating Rate Registered Security (Ashland Inc), Global Floating Rate Note (Ashland Inc)

Determination of Federal Funds Rate. If the Interest Rate Basis, as Basis specified above, is, or above is calculated by reference to the Federal Funds Rate, unless otherwise the interest rate with respect to this Note will be the Federal Funds Rate plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any, as specified above, the ". “Federal Funds Rate" ” means, with respect to each Interest Reset Date will be determined by the Calculation Agent as of the first Business Day prior to such Interest Reset Date (a "Federal Funds any Interest Determination Date") and shall be , the rate on that date day for United States dollar Federal Funds federal funds as published in H.15(519) opposite the caption “Federal funds (effective)” as displayed on Reuters page FEDFUNDS1 under the heading "Federal Funds (Effective)," as displayed on Moneyline Telerate on page 120 or any other page as may replace the applicable page on that service ("Moneyline Telerate Page 120") “EFFECT” or, if such rate does not appear on Moneyline Telerate Page 120, or is not so published by 3:00 p.m.P.M., New York City time, on the applicable Calculation Date pertaining to such Interest Determination Date, the rate on the applicable Federal Funds Interest Determination Date for United States dollar Federal Funds Rate will be the rate on such Federal Funds Interest Determination Date as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal Funds/Effective Ratefunds (effective)." If such rate does not appear on Reuters Page FEDFUNDS1 and is not so yet published in H.15(519), H.15 Daily Update or other recognized electronic source by 3:00 p.m.P.M., New York City time, on the applicable Calculation Date pertaining to such Interest Determination Date, the Federal Funds Rate for such Interest Determination Date will be calculated by the Calculation Agent and will be the arithmetic mean of the rates for the last transaction in overnight United States dollar Federal Funds federal funds arranged by three leading brokers of United States dollar Federal Funds federal funds transactions in The City of New York selected by the Calculation Agent before prior to 9:00 a.m.A.M., New York City time, on the applicable Federal Funds such Interest Determination Date; provided, however, that if the brokers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate will be the Federal Funds Rate determined as of such Interest Determination Date in effect on the applicable Federal Funds such Interest Determination Date.

Appears in 2 contracts

Samples: Global Security Note (Paccar Financial Corp), Global Security Note (Paccar Inc)

Determination of Federal Funds Rate. If the Base Rate specified on the face hereof or in the pricing supplement attached hereto or delivered herewith is the Federal Funds Rate, this Note will bear interest for each Interest Rate Basis, as specified above, is, or is Reset Period at the interest rate calculated by with reference to the Federal Funds RateRate and Spread or Spread Multiplier, unless otherwise if any, specified above, on the face hereof or in the pricing supplement attached hereto or delivered herewith. The "Federal Funds Rate" with respect to for each Interest Reset Date will Period shall be determined by the Calculation Agent as of effective rate on the first second Business Day prior to the Interest Reset Date for such Interest Reset Date Period (a "Federal Funds Interest Rate Determination Date") and shall be the rate on that date for United States dollar Federal Funds as published in H.15(519) under the heading "Federal Funds (Effective)," as and displayed on Moneyline Telerate (or any successor service) on page Page 120 (or any other page as may replace the applicable page specified Page on that service ("Moneyline Telerate Page 120") or, if service). In the event that such rate does not appear on Moneyline Telerate on Page 120, 120 or is not so published by prior to 3:00 p.m., New York City time, on the applicable Calculation Date (as defined above) pertaining to such Federal Funds Rate Determination Date, the rate on the applicable "Federal Funds Rate" for such Interest Determination Date for United States dollar Federal Funds will Reset Period shall be the rate on such Federal Funds Interest Rate Determination Date as published in the H.15 Daily Update, Update under the heading "Federal Funds/Effective Rate," or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal Funds/Effective Rate." . If such rate is not so published by 3:00 p.m., New York City time, on the applicable such Calculation Date, such rate is not yet published, then the "Federal Funds Rate will Rate" for such Interest Reset Period shall be calculated by the Calculation Agent and will be the arithmetic mean of the rates for the last transaction in overnight United States U.S. dollar Federal Funds federal funds arranged by three leading brokers of United States U.S. dollar Federal Funds transactions in The City of New York City, selected by the Calculation Agent before prior to 9:00 a.m., New York City time, on the applicable that Federal Funds Interest Rate Determination Date; provided, however, that if the brokers so selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentenceabove, the "Federal Funds Rate" for the Interest Reset Period will be the "Federal Funds Rate" in effect for the particular Federal Funds Rate will be the Determination Date. If there was no Federal Funds Rate in effect on for the applicable Interest Reset Period, the "Federal Funds Interest Rate" will be the initial interest rate. Determination Date.of LIBOR

Appears in 1 contract

Samples: Permanent Global Note (CGMH Capital Iv)

Determination of Federal Funds Rate. If the Interest Rate Basis, as specified above, is, or is calculated by reference to the Federal Funds Rate, unless otherwise specified above, the "Federal Funds Rate" with respect to each Interest Reset Date will be determined by the Calculation Agent as of the first Business Day prior to such Interest Reset Date (a "Federal Funds Interest Determination Date") and shall be the rate on that date for United States dollar Federal Funds as published in H.15(519) under the heading "Federal Funds (Effective)," as displayed on Moneyline Telerate Bridge Telerate, Inc. or any successor service on page 120 or any other page as may replace the applicable page on that service ("Moneyline Telerate Page 120") or, if such rate does not appear on Moneyline Telerate Page 120, or is not so published by 3:00 p.m., New York City time, on the applicable Calculation Date, the rate on the applicable Federal Funds Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Determination Date as published in H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal Funds/Effective Rate." If such rate is not so published by 3:00 p.m., New York City time, on the applicable Calculation Date, the Federal Funds Rate will be calculated by the Calculation Agent and will be the arithmetic mean of the rates for the last transaction in overnight United States dollar Federal Funds arranged by three leading brokers of United States dollar Federal Funds transactions in The City of New York York, which may include an agent of the Company or such agent's affiliates, selected by the Calculation Agent before 9:00 a.m., New York City time, on the applicable Federal Funds Interest Determination Date; provided, however, that if the brokers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate will be the Federal Funds Rate in effect on the applicable Federal Funds Interest Determination Date.

Appears in 1 contract

Samples: Medium Term Note (Textron Financial Corp)

Determination of Federal Funds Rate. If the an Interest Rate Basis, as specified above, is, or Basis for this Subordinated Note is calculated by reference to the Federal Funds Rate, unless otherwise specified aboveas indicated on the face hereof, the "Federal Funds Rate" with respect to each Interest Reset Date will Rate shall be determined by the Calculation Agent as of the first Business Day prior to such applicable Interest Reset Determination Date (a "Federal Funds Rate Interest Determination Date") and shall be as the rate on that such date for United States dollar Federal Funds federal funds as published in H.15(519) under the heading "Federal Funds (Effective)," ", as such rate is displayed on Moneyline Telerate Bridge Telerate, Inc. (or any successor service) on page 120 or any other page as may replace the applicable page on that service ("Moneyline Telerate Page 120") ), or, if such rate does not appear on Moneyline Telerate Page 120, 120 or is not so published by 3:00 p.m.P.M., New York City time, on the applicable related Calculation Date, the rate on the applicable such Federal Funds Rate Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Determination Date federal funds as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable such rate, under the caption "Federal Funds/Effective RateFunds (Effective)." If such rate does not appear on Telerate Page 120 or is not so yet published in H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 p.m.P.M., New York City time, on the applicable related Calculation Date, then the Federal Funds Rate on such Federal Funds Rate Interest Determination Date will be calculated by the Calculation Agent and will be the arithmetic mean of the rates for the last transaction in overnight United States dollar Federal Funds federal funds arranged by three leading brokers of United States dollar Federal Funds federal funds transactions in The City of New York selected by the Calculation Agent before prior to 9:00 a.m.A.M., New York City time, on the applicable such Federal Funds Rate Interest Determination Date; provided, however, that if the brokers so selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate determined as of such Federal Funds Rate Interest Determination Date will be the Federal Funds Rate in effect on the applicable such Federal Funds Rate Interest Determination Date.

Appears in 1 contract

Samples: Issuing and Paying Agency Agreement (Union Planters Corp)

Determination of Federal Funds Rate. If the Interest Rate Basis, as specified above, is, or is The interest rate payable with respect to this Security shall be calculated by the Calculation Agent with reference to the Federal Funds RateRate and the Spread or Spread Multiplier, unless otherwise if any, specified above, on the face hereof. "Federal Funds Rate" means, with respect to each Interest Reset Date will be determined by the Calculation Agent as of the first Business Day prior to such Interest Reset Date (a "Federal Funds Interest Determination Date") and shall be , the rate on that such date for United States dollar Federal Funds as published in H.15(519) under the heading "Federal Funds (Effective)," as displayed on Moneyline Telerate on page 120 ", or any other page as may replace successor publication or heading. In the applicable page on event that service ("Moneyline Telerate Page 120") or, if such rate does not appear on Moneyline Telerate Page 120, or is not so published by prior to 3:00 p.m.P.M., New York City time, on the applicable Calculation Date pertaining to such Interest Determination Date, then the Federal Funds Rate will be the rate on the applicable Federal Funds such Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Determination Date federal funds as published in H.15 Daily UpdateUpdate under the heading "Federal Funds (Effective)", or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal Funds/Effective Rate." any successor publication or heading. If such rate is not so published by 3:00 p.m.P.M., New York City time, on the applicable such Calculation DateDate such rate is not yet published in either H.15(519) or H.15 Daily Update (or in any successor publications), the Federal Funds Rate will for that Interest Determination Date shall be the arithmetic mean, as calculated by the Calculation Agent and will be the arithmetic mean on such Calculation Date, of the rates for the last transaction in overnight United States dollar Federal Funds arranged by three leading brokers of United States dollar Federal Funds transactions in The City of New York selected by the Calculation Agent before as of 9:00 a.m., New York City time, on the applicable such Federal Funds Rate Interest Determination Date; provided, however, that if the fewer than three brokers selected as aforesaid by the ----------------- Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate will be the Federal Funds Rate in effect on the applicable Federal Funds such Interest Determination Date.

Appears in 1 contract

Samples: Floating Rate Registered Security (Ashland Inc)

Determination of Federal Funds Rate. If the Base Rate specified on the face hereof or in the pricing supplement attached hereto or delivered herewith is the Federal Funds Rate, this Note will bear interest for each Interest Rate Basis, as specified above, is, or is Reset Period at the interest rate calculated by with reference to the Federal Funds RateRate and Spread or Spread Multiplier, unless otherwise if any, specified above, on the face hereof or in the pricing supplement attached hereto or delivered herewith. The "Federal Funds Rate" with respect to for each Interest Reset Period shall be the effective rate on the business day immediately preceeding the Interest Reset Date will be determined by the Calculation Agent as of the first Business Day prior to for such Interest Reset Date Period (a "Federal Funds Interest Rate Determination Date") and shall be the rate on that date for United States U.S. dollar Federal Funds as published in H.15(519) under the heading "Federal Funds (Effective)," as and displayed on Moneyline Telerate (or any successor service) on page Page 120 or any other page as may replace the applicable specified page on that service ("Moneyline Telerate Page 120") or, service. The following procedures will be followed if the Federal Funds Rate cannot be determined as described above. In the event that such rate does not appear on Moneyline Telerate Page 120, or is not so published by prior to 3:00 p.m.P.M., New York City time, on the applicable Calculation Date pertaining to the Federal Funds Rate Determination Date, the "Federal Funds Rate" for such Interest Reset Period shall be the rate on the applicable Federal Funds Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Rate Determination Date as published in the H.15 Daily Update, Update under the heading "Federal Funds (Effective)," or such other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal Funds/Effective Rate." . If such rate is not so published by 3:00 p.m.P.M., New York City time, on the applicable such Calculation Date, such rate is not yet published, then the "Federal Funds Rate will be calculated by the Calculation Agent and will Rate" for such Interest Reset Period shall be the arithmetic mean of the rates for the last transaction in overnight United States U.S. dollar Federal Funds federal funds arranged by three leading brokers of United States U.S. dollar Federal Funds federal funds transactions in The City of New York City, selected by the Calculation Agent before prior to 9:00 a.m.A.M., New York City time, time on the applicable Federal Funds Interest Rate Determination Date; provided, however, that if the brokers so selected as aforesaid by the Calculation Agent are not quoting as mentioned above, the Federal Funds Rate for such Interest Reset Period will be the Federal Funds Rate in this sentenceeffect for the particular Federal Funds Rate Determination Date (or, if there is no such Federal Funds Rate in effect for the Interest Reset Period, the Federal Funds Rate will be the Federal Funds Rate in effect on the applicable Federal Funds Initial Interest Determination DateRate).

Appears in 1 contract

Samples: Global Security Note (Citigroup Capital Xii)

Determination of Federal Funds Rate. If the Interest Rate Basis, as specified above, is, or is calculated by reference to the Federal Funds Rate, unless otherwise specified above, the "Federal Funds Rate" with respect to each Interest Reset Date will be determined by the Calculation Agent as of the first Business Day prior to such Interest Reset Date (a "Federal Funds Interest Determination Date") and shall be the rate on that date for United States dollar Federal Funds as published in H.15(519) under the heading "Federal Funds (Effective)," as displayed on Moneyline Telerate or any successor service on page 120 or any other page as may replace the applicable page on that service ("Moneyline Telerate Page 120") or, if such rate does not appear on Moneyline Telerate Page 120, or is not so published by 3:00 p.m., New York City time, on the applicable Calculation Date, the rate on the applicable Federal Funds Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Determination Date as published in H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal Funds/Effective Rate." If such rate is not so published by 3:00 p.m., New York City time, on the applicable Calculation Date, the Federal Funds Rate will be calculated by the Calculation Agent and will be the arithmetic mean of the rates for the last transaction in overnight United States dollar Federal Funds arranged by three leading brokers of United States dollar Federal Funds transactions in The City of New York York, which may include an agent of the Company or such agent’s affiliates, selected by the Calculation Agent before 9:00 a.m., New York City time, on the applicable Federal Funds Interest Determination Date; provided, however, that if the brokers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate will be the Federal Funds Rate in effect on the applicable Federal Funds Interest Determination Date.

Appears in 1 contract

Samples: Indenture (Harley Davidson Inc)

Determination of Federal Funds Rate. If the Interest Rate Basis, as specified above, is, or is The interest rate payable with respect to this Security shall be calculated by the Calculation Agent with reference to the Federal Funds RateRate and the Spread or Spread Multiplier, unless otherwise if any, specified above, on the face hereof. "Federal Funds Rate" means, with respect to each Interest Reset Date will be determined by the Calculation Agent as of the first Business Day prior to such Interest Reset Date (a "Federal Funds Interest Determination Date") and shall be , the rate on that such date for United States dollar Federal Funds as published in H.15(519) under the heading "Federal Funds (Effective)," as displayed on Moneyline Telerate on page 120 ", or any other page as may replace successor publication or heading. In the applicable page on event that service ("Moneyline Telerate Page 120") or, if such rate does not appear on Moneyline Telerate Page 120, or is not so published by prior to 3:00 p.m.P.M., New York City time, on the applicable Calculation Date pertaining to such Interest Determination Date, then the Federal Funds Rate will be the rate on the applicable Federal Funds such Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Determination Date federal funds as published in H.15 Daily UpdateUpdate under the heading "Federal Funds (Effective)", or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal Funds/Effective Rate." any successor publication or heading. If such rate is not so published by 3:00 p.m.P.M., New York City time, on the applicable such Calculation DateDate such rate is not yet published in either H.15(519) or H.15 Daily Update (or in any successor publications), the Federal Funds Rate will for that Interest Determination Date shall be the arithmetic mean, as calculated by the Calculation Agent and will be the arithmetic mean on such Calculation Date, of the rates for the last transaction in overnight United States dollar Federal Funds arranged by three leading brokers of United States dollar Federal Funds transactions in The City of New York selected by the Calculation Agent before as of 9:00 a.m., New York City time, on the applicable such Federal Funds Rate Interest Determination Date; provided, --------- however, that if the fewer than three brokers selected as aforesaid by the ------- Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate will be the Federal Funds Rate in effect on the applicable Federal Funds such Interest Determination Date.

Appears in 1 contract

Samples: Global Floating Rate Registered Security (Ashland Inc)

Determination of Federal Funds Rate. If the an Interest Rate Basis, as specified above, is, or Basis for this Note is calculated by reference to the Federal Funds Rate, unless otherwise specified aboveas indicated on the face hereof, the "Federal Funds Rate" with respect to each Interest Reset Date will Rate shall be determined by the Calculation Agent as of the first Business Day prior to such applicable Interest Reset Determination Date (a "Federal Funds Rate Interest Determination Date") and shall be ), as the rate on that such date for United States dollar Federal Funds federal funds as published in H.15(519) under the heading "Federal Funds (Effective)," as such rate is displayed on Moneyline Telerate Bridge Telerate, Inc. (or any successor service) on page 120 or any other page as may replace the applicable page on that service ("Moneyline Telerate Page 120") ), or, if such rate does not appear on Moneyline Telerate Page 120, 120 or is not so published by 3:00 p.m.P.M., New York City time, on the applicable related Calculation Date, the rate on the applicable such Federal Funds Rate Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Determination Date federal funds as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable such rate, under the caption "Federal Funds/Effective RateFunds (Effective)." If such rate does not appear on Telerate Page 120 or is not so yet published in H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 p.m.P.M., New York City time, on the applicable related Calculation Date, then the Federal Funds Rate on such Federal Funds Rate Interest Determination Date will be calculated by the Calculation Agent and will be the arithmetic mean of the rates for the last transaction in overnight United States dollar federal funds arranged prior to 9:00 A.M., New York City time, on such Federal Funds arranged Rate Interest Determination Date by three leading brokers of United States dollar Federal Funds federal funds transactions in The City of New York selected by the Calculation Agent before 9:00 a.m., New York City time, on the applicable Federal Funds Interest Determination DateAgent; provided, however, that if any of the brokers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate will determined as of such Federal Funds Rate Interest Determination Date shall be the Federal Funds Rate in effect on the applicable such Federal Funds Rate Interest Determination Date.

Appears in 1 contract

Samples: Savings Account Note (Bankunited Financial Corp)

Determination of Federal Funds Rate. If the an Interest Rate Basis, as specified above, is, or Basis for this Senior Note is calculated by reference to the Federal Funds Rate, unless otherwise specified aboveas indicated on the face hereof, the "Federal Funds Rate" with respect to each Interest Reset Date will Rate shall be determined by the Calculation Agent as of the first Business Day prior to such applicable Interest Reset Determination Date (a "Federal Funds Rate Interest Determination Date") and shall be as the rate on that such date for United States dollar Federal Funds federal funds as published in H.15(519) under the heading "Federal Funds (Effective)," ", as such rate is displayed on Moneyline Telerate Bridge Telerate, Inc. (or any successor service) on page 120 or any other page as may replace the applicable page on that service ("Moneyline Telerate Page 120") ), or, if such rate does not appear on Moneyline Telerate Page 120, 120 or is not so published by 3:00 p.m.P.M., New York City time, on the applicable related Calculation Date, the rate on the applicable such Federal Funds Rate Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Determination Date federal funds as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable such rate, under the caption "Federal Funds/Effective RateFunds (Effective)." If such rate does not appear on Telerate Page 120 or is not so yet published in H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 p.m.P.M., New York City time, on the applicable related Calculation Date, then the Federal Funds Rate on such Federal Funds Rate Interest Determination Date will be calculated by the Calculation Agent and will be the arithmetic mean of the rates for the last transaction in overnight United States dollar Federal Funds federal funds arranged by three leading brokers of United States dollar Federal Funds federal funds transactions in The City of New York selected by the Calculation Agent before prior to 9:00 a.m.A.M., New York City time, on the applicable such Federal Funds Rate Interest Determination Date; provided, however, that if the brokers so selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate determined as of such Federal Funds Rate Interest Determination Date will be the Federal Funds Rate in effect on the applicable such Federal Funds Rate Interest Determination Date.

Appears in 1 contract

Samples: Issuing and Paying Agency Agreement (Union Planters Corp)

Determination of Federal Funds Rate. If the Interest Base Rate Basis, as specified above, is, or is calculated by reference to the Federal Funds Rate, unless otherwise specified above, the "Federal Funds Rate" with respect to each Base Rate that takes effect on any Interest Reset Date will be determined by shall equal the Calculation Agent as of rate, on the first second Business Day prior to immediately preceding such Interest Reset Date (a the "Federal Funds Interest Determination Date") and shall be the rate on that date ), for United States dollar Federal Funds as published in H.15(519) under the heading "Federal Funds (Effective)," ", as that rate is displayed on Moneyline Telerate on page 120 or any other page as may replace the applicable page on that service ("Moneyline Telerate Page 120". If the Federal Funds Rate cannot be determined as described above, the following procedures will apply in determining the Federal Funds Rate: (i) or, if such If the rate does described above is not appear displayed on Moneyline Telerate Page 120, or is not so published 120 by 3:00 p.m.P.M., New York City time, on the applicable Calculation Date, the rate on the applicable Federal Funds Interest Determination Date for United States dollar Federal Funds will be the rate on corresponding to such Federal Funds Interest Determination Date Date, then the Federal Funds Rate will be the rate described above as published in H.15 Daily Update, or other another recognized electronic source used for the purpose of displaying the applicable that rate, under the caption heading "Federal Funds/Effective RateFunds (Effective)"." (ii) If such the rate described in clause (i) above is not so published displayed on Telerate Page 120 and does not appear in H.15 (519), H.15 Daily Update or another recognized electronic source by 3:00 p.m.P.M., New York City time, on the applicable such Calculation Date, the Federal Funds Rate will be calculated by the Calculation Agent and will be the arithmetic mean of the rates for the last transaction in overnight United States overnight, U.S. dollar Federal Funds arranged by three leading brokers of United States dollar Federal Funds transactions in The City of New York selected by the Calculation Agent federal funds arranged, before 9:00 a.m.A.M., New York City time, on the applicable such Federal Funds Interest Determination Date; provided, however, that if by three leading brokers of U.S. dollar federal funds transactions in New York City selected by the Calculation Agent. (iii) If fewer than three brokers selected as aforesaid by the Calculation Agent are not quoting as mentioned described in this sentenceclause (ii) above, the Federal Funds Rate will be the Federal Funds Rate in effect on the applicable such Federal Funds Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate). The interest rate determined in accordance with this Section 3(i) will be adjusted by the addition or subtraction of the Spread, if any, or by multiplying such Base Rate by the Spread Multiplier, if any.

Appears in 1 contract

Samples: Distribution Agreement (Universal Corp /Va/)

Determination of Federal Funds Rate. If the (a) The Federal Funds Rate in effect on each day of each Interest Rate BasisPeriod shall be (a) if such day is a Federal Funds Reset Date, as specified above, is, or is calculated by reference to the Federal Funds RateRate determined as of the related Federal Funds Determination Date, unless otherwise specified aboveor (b) if such day is not a Federal Funds Reset Date, the Federal Funds Rate in effect on the immediately preceding Federal Funds Reset Date. The Trustee shall determine the Federal Funds rate on March 6, 1998 and each Federal Funds Determination Date thereafter until such time as the Class A Investor Interest has been paid in full. (b) With respect to each Federal Funds Determination Date, the Trustee shall determine the rate (the "Federal Funds Rate" with respect to each Interest Reset Date will be determined by the Calculation Agent as of the first Business Day prior to such Interest Reset Date (a "Federal Funds Interest Determination Date") and shall be the rate on that date such day for United States dollar Federal Funds as published in H.15(519) under the heading "Federal Funds (Effective)," as displayed on Moneyline Telerate on page 120 or any other page as may replace the applicable page on that service ("Moneyline Telerate Page 120") or, if not published by 3:00 p.m., New York City time on such date the rate on such Federal Funds Determination Date as published in Composite Quotations under the heading "Federal Funds/Effective Rate." In the event that such rate does not appear on Moneyline Telerate Page 120, or is not so published in either H.15(519) or Composite Quotations by 3:00 p.m., New York City time, on the applicable Calculation Date, the rate on the applicable Federal Funds Interest Determination Date for United States dollar Federal Funds will be the rate on such Federal Funds Interest Determination Date as published in H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal Funds/Effective Rate." If such rate is not so published by 3:00 p.m., New York City time, on the applicable Calculation Datedate, the Federal Funds Rate will for such Federal Funds Determination Date shall be calculated by the Calculation Agent Trustee and will shall be the arithmetic mean of the rates rate as of 9:00 a.m., New York City time on such Federal Funds Determination Date, for the last transaction in overnight United States dollar Federal Funds federal funds arranged by three leading brokers of United States dollar Federal Funds federal funds transactions in The City of the New York City selected by the Calculation Agent before 9:00 a.m., New York City time, on the applicable Federal Funds Interest Determination DateServicer; provided, however, -------- ------- that if the brokers so selected as aforesaid by the Calculation Agent Servicer are not quoting as mentioned in this sentence, the Federal Funds Rate will with respect to such Federal Funds Determination Date shall be the Federal Funds Rate in effect on with respect to the applicable preceding Federal Funds Interest Determination Date. (c) The Class A Certificate Rate applicable to the immediately preceding Interest Period may be obtained by any Class A Certificateholder by telephoning the Trustee at its Corporate Trust Office at (000) 000-0000. (d) On the final Federal Funds Determination Date for any Interest Period prior to 10:00 a.m., the Trustee shall send to the Servicer, by facsimile, notification of (i) the sum of each day's Federal Funds Rate during the applicable Interest Period, divided by the number of days in such Interest Period and (ii) the Class A Monthly Interest for the related Interest Period. (e) All percentage resulting from any calculation of the Class A Certificate Rate will be rounded to the nearest one-hundred-thousandth of a percentage point, with five one millionths of a percentage point rounded upwards (e.g., 9.876545% (or.09876545) would be rounded to 9.87655% (or .987655)), and all dollars used in or resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa)